As it welcomes a new partner in the form of software giant Genesys, Ferrari parts company with blockchain technology company Velas.

Ferrari has announce its partnership with Genesys, which has offices in fifty countries around the world, and is a world leader in the field of customer experience, allowing companies to deepen customer connection through cloud and digital technologies.

The company logo will feature on the cars driven by Charles Leclerc and Carlos Sainz and Genesys will also partner Ferrari in its 499P Hypercar endurance racing programme, including the Le Mans 24 Hours.

"We are delighted that Genesys are joining Scuderia Ferrari as a team partner and will also be featured in our LMH programme," said Ferrari CEO, Benedetto Vigna as he welcomed Genesys to the fold.

"As another business focussed on technological leadership they, like us, have a tireless approach to continuously improve and progress. I know that the synergies between our two businesses will deliver huge value on both sides."

However, there were no such press releases to announce the end of the partnership with Velas, the pair parting company after just one year.

"Unfortunately, the agreement with Velas has been terminated early by us," Ferrari told Bloomberg.

The split with Velas comes in the wake of the FTX scandal which has send shockwaves through the sport - and pretty much the rest of the world - with Mercedes having removed the crypto giant's logos from its cars ahead of the season finale.

In what should probably have been seen as a warning sign, crypto companies were quick to flash the cash when it came to sports sponsorship, and money hungry F1 teams were at the front of the queue with their hands out.

Now, in a bid to drastically reduce costs, or simply because the money is no longer there, many of the deals have ended.